Foley Hoag Represents Dong-A ST in $525M License Agreement with AbbVie
January 16, 2017
Foley Hoag LLP recently represented South Korean pharmaceutical company Dong-A ST in its $525 million exclusive license agreement for the global development and commercialization of its investigational immuno-oncology drug Mer tyrosine kinase inhibitor (Mer TKI) with U.S. pharmaceutical company AbbVie Inc.
Mer TKI, a small molecule in the pre-clinical phase, is known to bind to specific proteins associated with blocking the immune system from attacking cancer cells.
Under the terms of the multi-year agreement, Dong-A ST will receive $40 million upfront and be eligible to receive $485 million if certain development, regulatory and commercial milestones are met. Dong-A ST will also receive royalties of up to 10 percent on Mer TKI sales.
Upon the completion of a pre-clinical study to be jointly led by the two companies, AbbVie will be responsible for global development and regulatory filings. AbbVie will obtain global marketing rights for the product after development, while Dong-A ST will retain marketing rights in Korea.
About Foley Hoag LLP
Foley Hoag provides innovative, strategic legal services to public, private and government clients across the globe. We have premier capabilities in the life sciences, healthcare, technology, energy, professional services and investment management fields, and in cross-border disputes. Our professionals possess the skills and experience to provide exceptional senior level service to clients ranging from startups to multinational companies to sovereign states. For more information, visit www.foleyhoag.com or follow @FoleyHoag on Twitter.